Scottish Mortgage Investment Trust (LSE:SMT) posted a 27.4% net asset value total return for the year to 31 March, outpacing the FTSE All-World Index's 18.0%.
The company's share price total return was 26.8%, the ten‑year NAV total return stood at 435.2% versus 233.9% for the FTSE All-World, and revenue earnings returned to broadly similar levels to 2024 after the prior-year write-off related to the Northvolt convertible note.
SpaceX was the single largest contributor to performance, driving a significant upward revaluation, increasing to over 19% of the Trust's assets and prompting the investment manager to note a heightened concentration; SpaceX filed for a public listing in April 2026 targeting a mid‑June listing, with existing holdings subject to a standard lock‑up.
The board increased the total dividend by 4.3% to 4.57p per share for the year, with a final dividend of 2.97p payable on 10 July.
Shareholders approved a targeted change to the investment policy at a General Meeting on 10 April to permit up to an additional £250 million of private company capacity when the portfolio is above the 30% private threshold, subject to annual shareholder approval.
Gearing reduced from around 13% to approximately 11% as the portfolio grew; the overall cost of debt remains approximately 3.6%, ongoing charges are approximately 0.33%, and the year‑end discount moved modestly from c.9.0% to c.9.5% before the Trust traded at a modest premium post year‑end.
